Vietnam PM asks World Bank to prioritize funding for strategic transport projects

Receiving WB Country Director in Vietnam Carolyn Turk in Hanoi on Friday, Chinh asked the bank to give priority to key projects in the development of strategic transport infrastructure, such as the North-South high-speed railway, the Ho Chi Minh City-Can Tho and the Hanoi-Hoa Lac Hi-Tech Park railways.

Other priorities include renewable energy, smart agriculture, low-carbon emission, digital transformation, and climate change adaptation in the Mekong Delta.

PM Chinh informed his guest that Vietnam still has room for new ODA loans, as the government is effectively controlling public and government debts, and budget overspending within acceptable limits.

Prime Minister Pham Minh Chinh (R) receives World Bank Country Director in Vietnam Carolyn Turk in Hanoi, Oct. 27, 2023. Photo by Nhat Bac

Speaking highly of the WB’s support and active contributions to Vietnam's socio-economic development since 1993 through policy consultation and financial assistance for ODA projects and concessional loans, he thanked the country Director and her collaborators for their contributions to Vietnam.

Both sides discussed specific issues related to innovative thinking and simplification of administrative procedures to step up significant, large-scale and ongoing projects.

Turk, agreed with the PM’s directions and priorities for key projects. She also commended Vietnam's vision, development orientations and commitments, especially in areas related to climate change adaptation and emission reduction.

She also highlighted several important issues that need further attention, such as ensuring energy security in a rapidly growing economy, exploring the potential of carbon trading, advancing digital transformation agenda, responding to climate change in the Mekong Delta, and implementing a program to cultivate 1 million ha of high-quality rice aimed for low emissions. She believed that if successful, Vietnam could become a leader in this field.

She proposed specific measures to remove difficulties in the implementation of projects, especially large-scale ones. She promised to actively work with relevant Vietnamese agencies and accompany Vietnam in its socio-economic development, especially in areas suggested by Chinh.

The PM agreed to establish a working group to review regulations and procedures with the aim of simplifying and streamlining processes between the two sides. This initiative is intended to remove bottlenecks, reduce implementation time, and improve the efficiency of projects.

He also assigned Deputy Prime Minister Tran Luu Quang to lead the efforts to clear obstacles, hasten the progress of projects and disburse the WB’s capital effectively.